Lingo Media Corporation has announced that its wholly-owned subsidiary, ELL Technologies Ltd., has secured a contract with Peru's Ministry of Education (MOE). This contract is another sales and distribution milestone for the company as it adds to its portfolio of ministerial clients in Latin America. The implementation will be carried out nationwide through Euroidiomas, a leading language center headquartered in Lima, Peru. Euroidiomas has adopted ELL Technologies' English for Success platform as part of its comprehensive online learning solution for a 12-month teacher development program. Overall, 2,000 English teachers from Peru's 24 states will be using the learning platform starting in October 2016.

Gali Bar Ziv, COO of Lingo Media stated: “This contract is another strong endorsement of our digital learning platform and comprehensive content solutions. The Peruvian Ministry of Education invests heavily in the training of its teachers and students and we are confident that our commitment to learning outcomes will ensure very positive results for this teacher training program. We will work hard to ensure the successful delivery of our products and services to all parties involved and use this project as another building block in our quest to expand our market share in Peru.”

Leonardo Mercado, Academic Director of Euroidiomas commented, “With ELL Technologies' English For Success unique format and vast amount of content, it is the ideal English language learning product and platform to serve as the cornerstone for this intensive study program and for other projects.”

QIS Capital: This is a sizable contract win for Lingo Media in a very competitive bidding process. Ministry of Education acceptance is a very reputable validation for ELL software and will likely facilitate follow-on deals, both private and government, through Peru and the surrounding region. There is also a high likelihood that this contract will expand over time. We expect to see continued improvement in Lingo Media’s financials over the last half of 2016. The company had net income of $736K or $0.024 per share during the first 6 months of 2016 and had positive working capital of $4 million or $0.11 per share as at June 30, 2016.

Quattro Exploration and Production Ltd. has reported an update on the activities to date in regards to Quattro’s Court of Queen's Bench of Alberta approved proposed sale and investor solicitation process (SISP) that was launched on October 3rd, 2016.

NRG Divestitures Inc. (NRG), a Calgary-based independent marketing company, is acting as agent for the divestiture and sale of Quattro’s assets under the SISP. NRG continues to manage the solicitation process and has received numerous inquiries to date, has signed over 15 NDAs and has created a data room for potential purchasers who have signed an NDA.

In addition, Durham Capital Canada Corporation (Durham) is acting as Quattro’s financial advisor under the SISP and has formally opened up the investment solicitation process pursuant to the SISP to the broader market as of October 3rd, 2016. The company is encouraged with the number of inquiries to date. Currently, a number of interested investment parties are evaluating the company’s business plan.

The deadline for interested parties to submit non-binding indications of interest to continue to participate in the SISP is October 31st, 2016 at 5:00 pm. Binding bids must be received by the company no later than 5:00 pm on November 28th, 2016.

As anticipated with the company’s expanded plan announced on August 11th, 2016, the Divestiture plan was increased to $30 million while the company is under proceedings under the Companies’ Creditors Arrangement Act (CCAA). On October 7th, 2016, Quattro was granted an extension of the stay of proceedings until November 30th, 2016. The company is working closely with the Monitor in order for it to provide its next report to the Court due on November 4th, 2016.

Quattro is continuing to advance its business plan and is very pleased with the responses that it has received from the SISP to date.

QIS Capital: While we are frustrated with the continued delays in completing the $30 million asset divestiture, Quattro is required to market its assets to the general public and must show the court that it used its best efforts in accepting the proposed $30 million sale agreement. There is no guarantee that any asset divestiture will be completed but management earlier indicated that the conclusion of this process is anticipated to provide Quattro the ability to reduce the company's liabilities by up to $18 million and increase its working capital to more than $12 million.